Business Statistics help

Sep 20th, 2014

SoccerBoss

Category:

Statistics

Price: $5 USD

Question description

Statistics Pitfalls

As a person who understands and uses statistics to solve
problems in business you know that you must use the right statistical tool to
compare data against theories. If the
data doesn’t support the theory under investigation, you either reject or
revise your theory. (You don’t revise
the data!)

However, you understand that pitfalls may exist in the data
collection process and the reasoning process. For instance, you know to watch
for:

1. Making conclusions
about a large population from a small sample.

2. Making conclusions
from nonrandom samples

3. Attaching
importance to rare observations

4. Using poor survey
methods

explain/discuss
each pitfall and how it might impact good problem solving in the business
environment. You may write a short
narrative of 250 words